?aoa?ao ia oaio:

Aaie Aiae??

anooi.

O aoaeue-ye?e no/ani?e aeiiii?oe? oeaio?aeueiee aaie a?a? aeiyoeiai
aaaeeeao ?ieue. Iniaeeai a??ii oea noaa?aeaeaiiy ii a?aeiioaiith aei
Aaieo Aiae??, ii-ia?oa, a neeo o??? aeiyoeiai aaaeeeai? ?ie?, yeo a?a? o
Aaeeeia?eoai?? aaie?anueeee naeoi?, ? ii-ae?oaa, o neeo oiai, ui
Eiiaeiinueeee N?o? ca?ac ? iaeiei ?c i?ia?aeieo i?aeia?iaeieo o?iainiaeo
oeaio??a no/aniiai na?oo. Aaie Aiae?? oi?iaeueii ia ? iacaeaaeiith
o?iainiaith onoaiiaith, Eacia/aenoai Niieo/aiiai Ei?ie?anoaa ia? i?aai
a?aeaeaaaoe ?icii?yaeaeaiiy Aaieo. Aea cae/aeii Eacia/aenoai ia
aeei?enoiao? oea i?aai, ca aeiyoeii e?eoe/ieo aeiaaee?a aai i?eioeeiiaeo
??oaiue i?i no?oeoo?o Aaieo Aiae??.

O neeo ?noi?e/ii? o?aaeeoe?? Aaie Aiae?? ia i?aaia aei aenieiai nooiaiy
?aaoethaaiiy aaie?anueei? nenoaie. I?ioa, i?ney eiaeii? aaie?anueei?
e?ece nooi?iue ao?o/aiiy c?inoaea. Oae ye o?aaeeoe?? aea?aeaaiiai
?aaoethaaiiy ia aeoaea aeeaiei oei??iai? a aiae?enuee?e aeiiii?oe? (
iaa?oue nai Aaie Aiae?? aeieeioa ? o?eaaeee /an ?icaeaaany ye i?eaaoiee
aaie), a oaeiae o neeo eiina?aaoeaiiai iiaiaeaeaiiy, ?ieue Aaieo /anoi
iaaeiioe?ith?oueny. I?ioa Aaie ? oe?eeii no/aniei ?inoeoooii, iaaooue
iaeiei ?c naieo i?ioan?eieo oeaio?aeueieo aaie?a onueiai na?oo ?
iaiiaaii ni?aaey?oueny c aeeiaie/iei aeeooyi eiiaeiinueeiai N?o?.

?noi??y Aaieo Aiae??

Aaie Aiae?? — naiee noa?ee oeaio?aeueiee aaie na?oo. Aeaiee ?inoeooo
iiyaeany iai?ee?ioe? n?iiaaeoeyoiai noi??//y a Aiae??, o ?acoeueoao? oae
caaii? oaiaee i?ae iaeaea caaie?oo?eei o?yaeii ? a?oiith o?iaineno?a.

Aaie?anueea nenoaia Aiae?? 1690-o ?ie?a neeaaeaeany c
e?aaeeoi??a-aaie???a, ui iaaeaaaee e?aaeeoe c iice/eiaeo cania?a, ?
thaae???a, ui i?eeiaee cieioi ia aeaiiceoe ? iio?i iaaeaaaee iice/eo. O
1688 ?ioe? aei?iaa a?iiaaeyinueea a?eia ia?aoo? cae?i/eeany, ? ia o?ii
Aiae?? c?eoia ei?ieue A?eueaaeuei ??? . Aei aeaaee i?eeoea iie?oe/ia
ia?o?y, ui i?iaiaeeea iie?oeeo ia?eaioee?cio ? a?aa?aeieoeueeiai
caoiieaiiy eieii?e. Naiei na?eiciei i?ioeaieeii Aiae?? aoea O?aioeocueea
?iia??y ? iacaaa?ii Aiae?y ?ica’ycaea i?aa?eiao a?eio.

Iie?oeea i?e?oa?ecio aeyaeeany aeoaea aei?iaith, ? a 1690-o Aiae?enueeee
o?yae aeyaea, ui eacia aeniaaeaia ? a?ioae iaia. Aeyaeeiny iaiiaeeeaei
aeey o?yaeo niiioeaoe ethaeae eoioaaoe eiai iae?aaoe?? i?ney noieueeeo
?ie?a a?eie. C?a?aoe iiaeaoee ii a?eueo aenieei noaaeai oaeiae ia
i?aaenoaaeyeiny iiaeeeaei.

Oiae? a 1693 ?ioe? aoa noai?aiee eii?oao Iaeaoe Iauei, ?c iaoith iiooeo
niinia?a iaea?aeaiiy a?ioae aeey o?yaeo. Oiae? ae iiyaeany
oioeaiaenueeee o?iaineno Aeeueyi Iaoa?nii, ui cai?iiiioaaa a?ae ?iai?
nai?? o?iainiai? a?oie oe?eeii iiaee ieai o?yaeo. A iai?i ia aecia/ai?
i?ea?ea? c aieo aea?aeaae, Iaoa?nii cai?iiiioaaa noai?eoe Aaie Aiae??,
yeee ae aeionoea iia? aaieiioe ? iie?ea aeao?oeeo. Oaeei /eiii, aoea
oeeaaeaia oaiaea. A?ae?aco ae i?ney noaa?aeaeaiiy Aaieo Ia?eaiaioii o
1694 ?ioe? nai ei?ieue A?eoaaeuei ??? ? aeaye? /eaie Ia?eaiaioo
iini?oeee noaoe aeoe?iia?aie iiai? » a?ioiai? oaa?eee».

Nii/aoeo a aaieo aoei 19 ni?a?ia?oiee?a. Eai?oae Aaieo i?aaenoaaeya ?c
naaa ia?oee aea?aeaaiee ai?a Aaeeeia?eoai??.

Aeeueyi Iaoa?nii caaeaaeaa a?ae aiae?enueeiai o?yaeo i?enai?oe iiaei
aaieiioai noaoon caeiiiiai ieao?aeiiai caniao. A?eoainueeee o?yae
a?aeiiaea, cayaeaoe, ui oea » caeoei caiaaeoi aeaeaei», aea Ia?eaiaio
aeaa iiaiio Aaieo i?ea?eae oo?eioaaoe o?yaeia? aianee ? aeioneaoe iia?
oe?ii? iaia?e aeey iieaoe o?yaeiaiai ai?ao.

Aaie Aiae?? a?ae?aco ae aeionoea iiaeo a?ioae ia noio 760 000 ooio?a
noa?e?ia?a, ui i?oee ia iieaoo ai?ao. Oea aeeeeeaei no?eaie ?ioeyoe??, ?
ca aeaa ?iee Aaie aeyaeany oe?eeii iaieaoini?iiiaeiei, ui aeaei
aecia/ai? ia?aaaae i?eaaoiei thaae??ai. Aaieiioe Aaieo Aiae?? iiaee aooe
a?eueii iai?iai? ia iaoaeaa? iiiaoe , ui iaa?oaeeny.

O 1696 ?ioe? Aaie Aiae??, ea?iaaiee iaaiaoaie i?aaey/i? iie?oe/ii?
ia?o?? Whig, c?oeioany c iia?icith eiieo?aioe??. Ia?o?y Oi?? ni?iaoaaea
canioaaoe iiaee National Land Bank ? oi/a aeaiee cao?ae ia aaeaany, Aaie
Aiae?? a?ae?aco ae ii/aa i?eeiaoe caoiaee. O ianooiiiio ?ioe? Ia?eaiaio
i?eeiya caeii, ui caai?iiea canioaaiiy a Aiae?? cia/ieo aaie?a.
A?aeiia?aeii aei oeueiai ae caeiio, i?ae?iaea aaieiio Aaieo Aiae??
ea?aeanue no?aoith.

O 1708 ?ioe? caeii ua a?eueo iineeeany. Oaia? noaei iacaeiiiei aeioneaoe
aaenaey ia i?aae’yaieea, ( oea i?aai aoei aeaii o?eueee Aaieo Aiae??) ?
noai?thaaoe eiiiai??, ui neeaaeathoueny a?eueoa /ei ?c 6 /ieia?e(
ia?oia??a), a oaeiae iaaeaaaoe ei?ioeino?ieia? e?aaeeoe oa?i?iii aei 6
i?nyoe?a. Oaeei /eiii, eiieo?aioaie Aaieo Aiae?? iiaee noaoe iaeaiuee?
aaiee c /eneii o/aniee?a iaioa naie.

Iacaaaeath/e ia oe? oiiae, Aaie Aiae?? ana-oaee c?oeioany ?c neeueieie
eiieo?aioaie c aieo ia?o?? Oi?? i?ae /an ia?aaoaaiiy ia i?anoie?
ei?ieaae Aaiie. O 1711 ?ioe? aoea noai?aia Eiiiai?y I?aaeaiiiai ii?y (
South Sea Company), i/iethaaia i?ai’??-i?i?no?ii ?iaa?oii Oa?eae, ui
noaea neeueiei eiieo?aioii Aaieo Aiae??, aea aiia caaie?oooaaea aaea
/a?ac aeaa’youe ?ie?a. Oea aaie?oonoai i?aeaeaei Aaie Aiae?? oeneo c
aieo aeeaaeiee?a, ? aaieo aoei iaaeaii i?aai i?ecoieiyoe ieaoaae?
iiiaoaie. Iiae?aiiio oeneo Aaie Aiae?? i?aeaeaany i?ae /an anooio ia
i?anoie Aiiie I?eioea *a?ee a Oioeaiae??. ? ciiao Aaie Aiae?? i?ecoieiea
ieaoaae?.

O 1734 Aaie ia?a?oaa o niaoe?aeueii aeey iueiai caoaeiaaiee aoaeeiie ia
Threadneedle Street o oeaio?? eiiaeiinueeiai N?o?. I?ci?oa ii ?iai?
oe??? aoeeoe? a?i iaea?aeaa nai? i??caenueei: Old Lady oF
ThreadneedleStreet.

A ae?oa?e iieiaei? XVIII noi??//y iiyaeeeny i?eaaoi? aaiee, ye?
aeioneaee aaenaey. Aei 1793 ?ieo ?o ia?aoiaoaaeiny a?ey 400.
O?iainoaaiiy a?ei , ui o?eaathoue iieie?iiyie, ?c O?aioe??th, ui
ii/aeeny a 1790-o, i?eaaei aei i?eieiaiiy ieaoaae?a iiiaoaie o?aoueith
/anoeiith aaie?a Aiae?? a 1793 ?ioe?, a iio?i ? naiei Aaieii Aiae?? a
1797 ?ioe?. I?ci?oa aei ieo i?e?aeiaeeny e ?io? aaiee.

Oea i?eieiaiiy o?eaaei 24 ?ieo aae aei caaa?oaiiy a?eie c O?aioe??th.
I?ae /an oeueiai ia??iaeo aei 1821 ?ieo aaieiioe Aaieo Aiae?? neoaeeee
ae?enieie a?ioeia ( oi/a ua ia ocaeiiaia), a i?ney 1812 aei e?ioey
oeueiai ia??iaeo noaee caeiiiei ieao?aeiei caniaii. sse ? i/?eoaaeiny,
o oeae ia??iae iiyaeany ?yae iaiaae?eieo aaie?a. O 1797 ?ioe? a Aiae?? e
Oaeuen? aoei a?ey 280 «country» aaie?a, a aei 1813 ?ieo ?oi? /enei
ia?aaeuoaaei 900. Aei 1816 ?ieo caaaeueia /enei aaieiio neeaei 24
i?eueeiia ooio?a noa?e?ia?a, ca?eueoeaoenue aaea?/? a ii??aiyii? c 1797
?ieii.

Oeae ia??iae ia i?a ia a?aeaeoeny ? ia noaiiaeu? ni?aa Aaieo Aiae??.
Eiai i?eaooee cieceeeny, a eiee ieaoaae? a?aeiiaeeeny a 1821 ?ioe?,
aeoe?? Aaieo aiaee ia 16%.

O 1826 aoa aeaeaiee oae caaiee Country Bankers’ Act oF 1826, ui iaiaaeea
iiiiiie?th Aaieo ia ae?oeoaaiiy aaieiio oa aeione aaenae?a ia
i?aae’yaieea ?aeiiii o ?aae?on? 65 ieeue a?ae Eiiaeiia ? aeicaieea
noai?aiiy ?ioeo aaie?a iica oeei ?aa?iiii, ye? iiaee oaae aeioneaoe nai?
aaieiioe. Iaeii/anii oeae aeo aeicaieea Aaieo noai?thaaoe nai? o?e?? a
on?o ?aeiiao Aiae??.

Oaeei /eiii, iiiiiie?y Aaieo Aiae?? caa??aaeany, a eiieo?aioe?? iaeaea
ia aoei. O 1833 ?ioe? aoee aeicaieai? iineoae ii i?eeiio aeaiiceo?a.
Iaaeae? «country» aaiee, ui ?ai?o iiaee iai?ithaaoe nai? aaieiioe ia
iaoaeaa? a?io?, iaea?aeaee i?aai iai?ithaaoe ?o ia aaieiioe Aaieo
Aiae??. On? oe? ci?ie i?aeneeeee iiceoe?? Aaieo Aiae??, ? c oeueiai
iiiaioo a?i ooieoe?iioaaa ye iiaiioe?iiee oi?aa?naeueiee aaie, a
«country» aaiee caa??aaee nai? ?aca?ae a Aaieo.

O ca’yceo c iiaeaeueoei oneeaaeiaiiyi ae?yeueiino? Aaieo Bank Charter
Act of 1844 caaeaaeaa a?ae Aaieo aaaeaiiy aeaio aeae?a iae?eo: ii aeania
aaie?anuee?e ae?yeueiino? Aaieo ? ii eiai ai?n?ei?e ae?yeueiino?. Oey
nenoaia i?iaeiaaeo? ooieoe?iioaaoe ? ca?ac.

Ca?aeii oeueiai Aaie?anueeiai aeoo ?. I?ey 1844?. Aaie
Aiae?? iaea?aeaa iiiiiie?th ai?n?? aaieiio o caeiiiaeaa/iio ii?yaeeo. I?
iaeei iiainoai?aiee aaie ia iaa i?aaa aeioneaoe aaieiioe , a ai?n?y aaea
?nioth/eo aaie?a iaiaaeoaaeanue ?? ?icaeoeii ia iiiaio i?eeiyooy aeoo.
Oaeei /eiii, aoa noai?aiee ?inoeooo, yeee i?a caaacia/eoe a?eueo aenieo
noaa?euei?noue a?ioiaiai ia?ao ia oiio aoai? ?icaeoeo eai?oae?cio, eiee
a?aeaoaaeiny ianiaa noai?aiiy iiaeo aeoe?iia?ieo oiaa?enoa ? iineeaieie
oaiiaie eoia ?icaeoie oi?a?ae? ye ona?aaeei? e?a?ie, oae ? ca ??
iaaeaie. Noa?? aaieiioe , ui ua iaa?oaeeny , aoee iinooiiai aeeo/ai? ?
cai?iai? iiaeie, aeiouaieie Aaieii Aiae??. Caeii 1844 ?ieo onoaiiaea
aaee/eio a?ioiai? iane, ae?aaeaii? a aaieiioao ? ia caaacia/aii?
cieioeie iiiaoaie aai cieioeie ceeoeaie, ui caa??aathoueny a naeo? Aaieo
Aiae??. Caaaeyee oeueiio iiaeiia aoea aooe a?aeaa?iaia iaaei??ia ai?n?y
aaieiio, ui ni?eyei a aaeaeaaoiiio caaacia/aiith iio?aa ainiiaea?/i?
nenoaie a a?ioia?e ian?. Oaeee ?icaeoie i?ea?a aei oiio, ui ai?n?y
aaieiio noaea a?aeie?aiethaaoeny a?ae ?ioi? eiia?oe?eii? ae?yeueiino?
aaieo (iai?eeeaae, iaaeaiiy e?aaeeo?a i?ae caaacia/aiiy, ye caiaeuei?
aieiae?iiy), yea iinooiiai nei?i/oaaeany, ? Aaie Aiae?? ii oa?aeoa?o ana
a?eueoa noaaaa noiaeei ia oeaio?aeueiee aaie. Aei e?ioey O?O noi??//y
aaieiioia ai?n?y iaeaea iiai?noth aoea cina?aaeaeaia a ?oeao Aaieo
Aiaae??, oi/a c caeiiiaeaa/i? oi/ee ci?o ?aeeiei aaieii c i?aaii ai?n??
a?i noaa o?eueee a 1921 ?. i?ney i?eeiyooy ia?eaiaioii a?aeiia?aeiiai
??oaiiy

I?ioa a ca’yceo c aeae?eueeiia o?iainiaeie e?ecaie a 19 noi??//? Aaie
ii/aa a?aeoiaeeoe a?ae eiia?oe?eii? aaie?anueei? ae?yeueiino? ?
ia?aoiaeeoe aei ni?ia ?aaoethaaiiy ??aiy i?ioeaioii? noaaee. Iaeii/anii
a?i ia?aoai?eany a e?aaeeoi?a inoaiiuei? ?inoaioe?? aeey aaie?a o
ne?ooiiio noaiiaeu?. Aei /ano e?ece aaieo Aa?eia a 1890 ?ieo, eiee Aaie
Aiae?? ci?a oni?oii caiia?aoe iia?ic? on?e aaie?anuee?e nenoai? Aiae??,
oaoi?ea ?aaoethaaiiy aeinyaea aenieiai ??aiy ?icaeoeo ? aoea i?eeeaaeii
aeey oeaio?aeueieo aaie?a ?ioeo e?a?i .

I?ae /an Ae?oai? Na?oiai? A?eie iniiaiith ooieoe??th Aaieo aoei
o?iainoaaiiy aea?aeaaiiai ai?ao, ye?e c?in ?c 1 i?euey?aea ooio?a
noa?e?ia?a aei 7. Iaeii/anii aoa oaaaeaiee eiio?ieue aaethoiiai?iieo
iia?aoe?e, ui caa??aaany aei 1979

O 1946 ?ioe? eaeai?enonueeee o?yae cae?eniea iaoe?iiae?caoe?th Aaieo
oeyoii aeeoio aeoe?e a iai?i ia 3-%-a? iae?aaoe?? aea?aeaaii? iiceee ii
a?aeiioaiith 1:4, ui i?eaaea eiai a ?ic?yae «ioae?/ieo ei?ii?aoe?e».
Aeoe?iia?iee eai?oae aoa ia?aaeaiee Eacia/aenoao, a eiai eieeoi?
aeanieee iaea?aeaee uaae?o eiiiainaoe?th o aeaeyae? aea?aeaaieo
iae?aaoe?e, ui ii noi? a /ioe?e ?ace ia?aaeuoaaee iii?iaeueio aa?o?noue
aeoe?e. Aaie, oaeei /eiii, ia noaa /anoeiith o?yaeiaiai aia?aoa, aea aoa
oiiaiiaaaeaiee «caieooaaoe ?ioi?iaoe?th a aaie???a ? aeaaaoe ?i
?aeiiaiaeaoe?? ». C naieoe?? Eacia/aenoaa, Aaie Aiae?? i?a «aeaeaaaoe
aee?aeoeae aoaeue-yeiio aaieo c iaoith caaacia/eoe aeeiiaiiy oaeeo
?aeiiaiaeaoe?e aai i?ioaiue». Ca ieioe? ?iee ( aei 1976 ?.), aaie
aeiaeiiai ?aco ia nei?enoaany oeei i?aaii, oiio ui on? «i?ioaiiy»
aeeiiothoueny, ii ae?aaeaiith iaeiiai aia?eeainueeiai aaie??a, ?c
«?ae?a?eiith iaoeinieoaeueiinoueth».

O ?acoeueoao? eieaino aeae?eueeio «aeiaeaoeiaeo» aaie?a o 1973 ?ioe? ?
aaie?anueei? e?ece aoa aeaeaiee Aaie?anueeee Aeo 1979 ?ieo, ui aeaa
Aaieo Aiae?? i?aai iaaeyaeaoe ca iia?aoe?yie oae caaieo «Aeciaieo
aaie?a ? eeoeaiciaaieo aeaiiceoieo onoaiia» ( Recognised Banks and
Licensed Deposit Takers ), ui iaee i?aai ia caeo/aiiy eioo?a a?ae
ianaeaiiy. I?ney oiai ye o 1984, Johnson Matthey Bank, cia/iee aaie ?
aaaeeeaee o/aniee Eiiaeiinueeiai Cieioiai ?eieo, ii/aa a?ae/oaaoe
na?eici? o?oaeiiu?, o aeiaoi? 1987 ?ieo a aeo 1979 ?ieo aoee aianai?
aaaeeea? aeiiiaiaiiy ? ci?ie.

No/ani? ooieoe?? Aaieo Aiae??

Aaie Aiae??, ye ? oeaio?aeuei? aaiee ?ioeo e?a?i, o oeae /an
ciaoiaeeoueny a oeaio?? o?iainiaeo ? aeiiii?/ieo ia?ai?i, ui aeiaaathoue
a?ae ieo iiaeo coneeue ii aaeaioaoe?? aei i?ieeaeo oiia. Oea aeeeeea?
iaiao?aei?noue aianaiiy i?eioeeiiaeo ci?i o ?oi? ooieoe??, i?aai?caoe?th
? oaoiieia?th, a oaeiae ?aaeeeaeueii iiaiai i?aeoiaeo aei
i?aeaaie?anueei? eiiia?aoe?? ? i?aeia?iaeiiai ni?a?ia?oieoeoaa.

*eneaii? ooieoe??, ui aeeiio? Aaie Aiae?? iiaeia ?icae?eeoe ia aea?
a?oie:

a?oia — i?yi? oaoia? iaia’ycee, ui aeieeaathoue ?c aaie?anueeiai
noaoono( aeaiiceoii-iice/eia?, ?ic?aooieia? e ai?n?ei? iia?aoe??);

a?oia — eiio?ieuei? ooieoe??, ca aeiiiiiaith yeeo aea?aeaaa cae?enith?
ao?o/aiiy a a?ioiai-e?aaeeoio nenoaio, iaiaaath/enue aieeaaoe ia o?ae
aeiiii?/ieo i?ioean?a.

O oe?e nai?e ?ie? Aaie Aiae?? aenooia?, nie?ath/enue aieiaiei /eiii ia
o?aaeeoe??, a ia ia i?aaia? ii?ie. ??ciiiai?oi? i?aaeea ? i?ioeaaeo?e,
ui ?aaeaiaioothoue ae?yeuei?noue e?aaeeoii-aaie?anueeeo onoaiia,
anoaiiaeai? a ii?yaeeo «aeaeaioeueiainueeeo oaiae» i?ae oeeie onoaiiaaie
? Aaieii Aiae??.

Niaoeeo?ea aca?iia?aeiinei i?ae aea?aeaaith, eiai oeaio?aeueiei aaieii
? i?eaaoieie aaieaie aeicaiey? ioa?aeoa?ecoaaoe Aaie Aiae?? iaeii/anii
ye «i?aao ?oeo a N?o? ? ye i?aaenoaaieea N?o? a o?yae?». Oey aeai?noa
?ieue Aaieo Aiae?? aea? o?yaeo iiaeeea?noue i?iaiaeeoe a?eueio
a?ioiai-e?aaeeoio iie?oeeo a?eueo aio/eeie caniaaie, a o?iainiai?
ie?aa?o?? N?o? aiaaiai?noue o oiio, ui ?oi? ?ioa?ane aoaeooue
a?aenoithaaoeny i?e aoaeue-yeiio o?yae? ? aoaeue-yeiio aeiiii?/iiio
eo?n?.

Coieieiiny aeieeaaei?oa ia ie?aieo ooieoe?yo Aaieo Aiae??.

?nio? iiiaeeia ooieoe?e, aea on? aiie iieeeeai? ia aeinyaiaiiy o?ueio
aieiaieo oe?eae. C-iii?ae ieo:

I?aeo?eiea aa?oino? iaoe?iiaeueii? aaethoe, aieiaiei /eiii ca
aeiiiiiaith iia?aoe?e ia ?eieo, ocaiaeaeaieo c o?yaeii, — ?ioeie
neiaaie, cae?eniaiiy a?ioiai? iie?oeee;

Caaacia/aiiy noaa?eueiino? o?iainiai? nenoaie /a?ac i?yiee eiio?ieue
iaae aaieaie e o/anieeaie o?iainiaeo ?eie?a N?o? ? caaacia/aiiy no?eei?
e aoaeoeaii? nenoaie ieaoaae?a;

Caaacia/aiiy ? i?aeaeuaiiy aoaeoeaiino? ? eiieo?aioiicaeaoiino?
o?iainiai? nenoaie ona?aaeei? e?a?ie ? ci?oeiaiiy iiceoe?e
Eiiaeiinueeiai N?o? a yeino? i?ia?aeiiai i?aeia?iaeiiai o?iainiaiai
oeaio?o.

sse aoaeue-yeee ?ioee aaie, Aaie Aiae?? iaaea? ?yae iineoa nai?i
ee??ioai. I?ioa ee??ioe Aaieo Aiae?? a?ae??ciythoueny a?ae ee??io?a
?ioeo aaie?a. Iiaeia aeae?eeoe 3 iaea?eueo aaaeeea? a?oie ee??io?a:

Eiia?oe?ei? aaiee. On? eee?eiaia? aaiee iathoue ?aooiee a Aaieo Aiae??.
A iia?aoe?yo ee???iaa aeei?enoiaothoueny ?aooiee eee?eiaiaeo aaie?a o
Aaieo Aiae??. Aaiee ciaia’ycai? iaoe aecia/aio noio ia ?aooieo, ? ia
iathoue i?aaa ia?aaeuoaaoe ??.( An? aaiee, ye? cae?eniththoue
ae?yeuei?noue o Aaeeeia?eoai??, oo?eiothoue 0,35% a?ae noie on?o nai?o
aeaiiceo?a ia ?aooieo ( aeaiiceo?) Aaieo Aiae?? ). Oey ii?ia ?aca?a?a ?
caaacia/o? aieiaia aeaea?aei i?eaooeo Aaieo Aiae??.

Oeaio?aeuei? aaiee ?ioeo e?a?i iathoue ?aooieo ? o?eiathoue cieioi a
Aaieo Aiae?? ? iiaeooue aanoe ni?aae a Eiiaeii? /a?ac Aaie Aiae??.

O?yae o?eia? ?aooiee a Aaieo Aiae??, oaeei /eiii, ieaoaae?, iiaeaoee
a athaeaeao ? ieaoaae? c athaeaeaoo ia nioe?aeuei? iio?aae i?ioiaeyoue
/a?ac ?aooiee Aaieo Aiae??.

A?AeIIA?AeII aei aeuaneacaiiai iiaeia aeae?eeoe ia?o? o?e ooieoe??
Aaieo Aiae??:

Aaie Aiae?? neoaeeoue aaieii aeey eiia?oe?eieo aaie?a

Aaie Aiae?? neoaeeoue aaieii aeey ?ioeo oeaio?aeueieo aaie?a

Aaie Aiae?? neoaeeoue aaieii aeey o?yaeo

?io? ooieoe?? Aaieo Aiae??:

Cae?eniaiiy iiiaoa?ii? iie?oeee. Aaie Aiae?? ?aaeeoue ?c i?eaiaeo
iaoiae?a iie?oeee ? a?aeiia?aeaeueiee ca ?? aeeiiaiiy.

Cae?eniaiiy ai?n?? aaieiio

Cae?eniaiiy aaethoieo iia?aoe?e ? eiio?ieth, ea?oaaiiy cieioiaaethoiuie
?aca?aaie e?a?ie a?ae ?iai? Eacia/aenoaa.

Cae?eniaiiy iaaeyaeo ca e?aaeeoieie onoaiiaaie, aaethoieie ?
e?aaeeoieie ?eieaie, a oe?eiio ca aaie?anueeith nenoaiith.

Ca?? noaoenoe/ii? ?ioi?iaoe?? i?i a?ioiao iano ? ae?yeuei?noue aaie?a.

Aaie Aiae?? — /eai ?a?iiaenueeiai Aaethoiiai ?inoeoooo ( EMI — European
Monetary Institute)- oea ii/aoeiaa noaae?y ?a?iiaenueeiai oeaio?aeueiiai
aaieo, ui aoaea caoaa?aeaeaiee o 1998 ?ioe?.

Aaie Aiae?? ia? oi?iaeueio iacaeaaei?noue a?ae o?yaeo, oi/a i?aoeth?
i?ae ea??aieoeoaii I?i?noa?noaa O?iain?a. Oa?i?i iiaiiaaaeaiue
ea?oth/iai Aaieo Aiae?? ia caeaaeeoue a?ae ci?ie o?yaeo.

?icaeeaeiiny aeieeaaei?oa aeaye? c ooieoe?e.

Aeoaea neeaaeio ?ieue Aaieo Aiae?? aeiaiaeeoueny aeeiioaaoe,
cae?enithth/e eiio?ieue ? ?aaoethaaiiy a?ioiai-e?aaeeoii? noa?e.
Iia’ycai? c oeei ooieoe?? aoyaothoue Aaie a i?a?oo iaoe?iiaeueii?
aeiiii?/ii? iie?oeee, aea, e??i aeeaieeo i?ioan?eieo ciaiue, iio??aia
ai?ea iie?oe/ia iaiaa?oaaiiy. Eiei ?icoi?iue, ui noi?oue ca eiaeiei eiai
e?ieii, iaci?iii ?icoe?th?oueny ? iae/ano?oa aoaa? noia?a/eeaei:

?ioa?ane aioo??oiuei? a?ioiai? iie?oeee iieiythoueny a eiioe?eo? c
caaea/aie noaa?e?caoe?? eo?no ooioa noa?e?ia?a;

o?iainoaaiiy athaeaeaoiiai aeao?oeeoo oeyoii aeioneo iiaeo iicee
i?ae?eaathoue aioe?ioeyoe?ei? coneeey o?yaeo;

eiio?ieue iaae ianyaii e?aaeeo?a eaea a?ic??c ?c noeioethaaiiyi
eiieo?aioe?? na?aae aaie?a ? o.ae.

I?ioa, a Aiae?? a?ioiai-e?aaeeoi? iaoiaee ?aaoethaaiiy aeiiii?ee
caeeoathoueny na?aae iaeaaaeeea?oeo ?ino?oiaio?a aea?aeaaiiai
iiiiiie?noe/iiai ao?o/aiiy, a ?ieue o ieo oeaio?aeueiiai aaieo iniaeeai
cia/ia a ca’yceo c oei, ui a e?a?i? i?aeoe/ii a?aenooi? aieeaia?
e?aaeeoi? onoaiiae, ui iaeaaeaoue aea?aeaa?.

Ia?oith oe?eeth oeaio?aeueiiai aaieo ? i?aeo?eiea oe?iiino?
iaoe?iiaeueii? aaethoe. A?ioiaa iie?oeea iieeeeaia ni?eyoe noaa?e?caoe??
?aaeueii? aa?oino? a?ioiai? iaeeieoe? aei??o. O Aaeeeia?eoai?? a?ioiaa
iie?oeea cae?enith?oueny aieiaiei /eiii ca aeiiiiiaith ?aaoethaaiiy
i?ioeaioii? noaaee.

A oeae /an iiiyooy “noaa?eueiee ??aaiue oe?i” o a?eueoino? e?a?i
iaiiaiy?oueny i?aeoe/iei ci?noii. O a?eueoino? c ieo noaa?e?caoe?th
ca’ycothoue ?c aeoaea iecueeei ??aiai ?ioeyoe??. O aeiaaeeo
aeanoaa?e?caoe?? ony i?iaeia ia iiaeiia nienoaaoeny ia neaaea ea?oaaiiy
a?ioiaith iie?oeeith aai ?? i?aeoe/ia a?aenooi?noue. I?e/eie, ye
i?aaeei, e?ethoueny iaaaaaoi aeeaoa. Oae, ia ii/aoeo 70-o ?ie?a oe?e?
ei?ioeino?ieiai? noaa?e?caoe?? ? oe?iiai? noaa?eueiino? caeoee a
noia?a/i?noue i?ae aieeaii iaooiai? e?ece ? i?aeneeaiiy aeiia i?ioni?eie
— o oeeo oiiaao oeaio?aeueiiio aaieo iaei, ui aaeaaaeiny c?iaeoe, uia
aei?aaeoe noaiiaeua.

Aeinyaiaiiy oe?iiai? noaa?eueiino? a oeae /an a Aiae?? ia? 2 iai?yiee:

aeinyaiaiiy na?aaeiueiai ??aiy ?ioeyoe?? 2,5% aai iaioa ?

a?eueo a?aee?eoee ( a?eueiee) ?aaeei i?iaaaeaiiy a?ioiai? iie?oeee.

I?iaaaeaiiy iiiaoa?ii? iie?oeee, oiaoi aecia/aiiy, aieiaiei /eiii,
??aiy i?ioeaioieo noaaie, ui caaacia/othoue aeinyaiaiiy ?ioeyoe?eii?
oe?e?, iieeaaeaii ia Aaie Aiae?? ? Eacia/aenoai ( Aaie Aiae?? ia
a?aei?io a?ae ?ioeo aaie?a ia iiaea ae?yoe iacaeaaeii a?ae o?yaeo).
I?eeiyoee o 1946 ?ioe? Aeo Aaieo Aiae?? aea? Eacia/aenoao i?aai aeaaaoe
aeac?aee Aaieo Aiae?? ?, oi/a Eacia/aenoai i?eiee oea i?aai ia
aeei?enoiaoaaei, a?aeiioaiiy i?ae ieie oae?, ui o?iaeueia ??oaiiy c
i?eaiaeo i?ioeaioieo noaaie i?eeia? I?i?no? O?iain?a. I?ioa, Aaie Aiae??
a?a? aeoaea aaaeeeao ?ieue a ooaaeaii? ??oaiiy. Oaia? Aaie Aiae??
ioae?eo? eaa?oaeueiee Ca?o ii ?ioeyoe?? (Inflation Report), ui i?noeoue
aeieeaaeiee aiae?c ?ioi?iaoe??, a oaeiae i?ioieie cono??/? I?i?no?a ?
Ea?oth/iai ioae?eo?oueny /a?ac 6 oeaei?a i?ney ?oiuei? cono??/? ?c
i?eaiaeo i?ioeaioieo noaaie.

I?e i?aeaioiaoe? Ca?oo ii ?ioeyoe?? ? i?ioeaioiei noaaeai Aaie Aiae??
aa?a aei oaaae aioo??oi? ? ciai?oi? aeiiii?/i? ? iiiaoa?i? /eiieee, ui
aoaeooue iaoe a?aeiioaiiy aei ?ioeyoe?? iaeaooi?o aeaio ?ie?a. ?aaea
Aaieo ii i?ioeaioiei noaaeai ia? ?ioi?iaoe?th i?i ci?ie, ui aieeaathoue
ia i?iieneia?noue ? oi?a?aeth a ??ciiiai?oieo ?aa?iiao Aiae??, iaaeaio
aaaioaie Aaieo Aiae??.

I?ney oiai, ye ??oaiiy i?i iaoiaee a?ioiai? iie?oeee i?eeiyoi, Aaie
Aiae?? ii/eia? ae?yoe, aeei?enoiaoth/e iaoai?cie, iienai? ieae/a.

I?ioeaioi? noaaee.

Aeeiioth/e naith ?ieue ia aioo??oi?o a?ioiaeo ?eieao, Aaie Aiae??
aieeaa? ia i?ioeaioi? noaaee a ei?ioeino?ieiaiio aniaeo?. Aoaeo/e aaieii
o?yaeo ? aaieii aaie?a, Aaie Aiae?? ni?iiiaeiee aeinoaoiuei oi/ii
ia?aaeaa/eoe oa?aeoa? iioie?a ieaoaae?a ?c ?aooie?a o?yaeo ia ?aooiee
eiia?oe?eieo aaie?a ? iaaiaee, ? ae?yoe a caeaaeiino? a?ae neooaoe??.
Eiee iio?e ieaoaae?a ?c ?aooie?a aaie?a ia ?aooiee o?yaeo ia?aaeuo?
iaa?iaiee iio?e, aeieea? neooaoe?y, a ye?e aaie?anuee? caiane e?ea?aeieo
aeoea?a cieaeothoueny, ? c’yaey?oueny iaaeinoa/a cania?a ia a?ioiaiio
?eieo. O i?ioeeaaeiiio aeiaaeeo c’yaey?oueny iaaeeeoie aio?aee, aea
a?eueo cae/ia neooaoe?y — oea iiyaa aeao?oeeoo, ui onoaa?oueny Aaieii
Aiae??, yeee anoaiiaeth? oaeo i?ioeaioio noaaeo, i?e ye?e caniae
caaacia/othoueny ia eiaeiee aeaiue.

Aeey oiai, uia ia i?aoethaaoe c eiaeiei aaieii ?iaeea?aeoaeueii, Aaie
Aiae?? aeei?enoiao? iae?eia? aoaeeiee a yeino? iina?aaeieea. Oea
niaoe?ae?ciaai? ae?ea?e, ye? iathoue caiane oi?aiaeo aaenae?a ? a ye?
aieiai? aaiee iii?uathoue caeao aio?aeo. Iae?eia? aoaeeiee
ei?enoothoueny iiceeiaeie iineoaaie Aaieo Aiae??, yeee iiaea caaacia/eoe
aio?aeia? eiooe, eoieaoe oe?ii? iaia?e iae?eiaeo aoaeeie?a aai iaaeaaoe
?i iice/ee. Noaaee, ii yeeo a?aeaoaathoueny oe? iia?aoe??, aieeaathoue
ia i?ioeaioi? noaaee aeey aeiiii?ee a oe?eiio. Eiee Aaie Aiae?? ci?ith?
oeth noaaeo, eiia?oe?ei? aaiee a?ae?aco ae, ye i?aaeei, ci?iththoue
naith aacenio noaaeo, ii yeee aecia/a?oueny noaaea ii aeaiiceoai ?
noaaea iice/eiaiai i?ioeaioa.

C 6 o?aaiy 1997 ?ieo Aaie aieiae?? iia?aoeaiei i?aaii ?aaoethaaiiy
i?ioeaioieo noaaie. Oe?eeth aeaiiai ?aaoethaaiiy ? caaacia/aiiy oe?iiai?
noaa?eueiino? ( a?aeiia?aeii aei oe?eueiaiai iieacieea ?ioeyoe??
iaoiiaeaiei o?yaeii o athaeaeaoiiio iineaii? ) ? i?aeo?eiea o?yaeiai?
aeiiii?/ii? iie?oeee, aeeth/ath/e oe?e? ii caaacia/aiith aeiiii?/iiai
?inoo ? caaacia/aiith caeiyoino?. Aaie ioae?eo? uieaa?oaeueiee ca?o i?i
?ioeyoe?th. Oe?eue caaacia/aiiy oe?iiai? noaa?eueiino? a oeae /an
?aoo?oueny aeinyaiooi? yeui ?iaeaen ?icae??aieo oe?i i?eaeecii
aei??aith? 2.5%.

??oaiiy ii i?ioeaioiei noaaeai i?eeiathoueny Aaie?anueeei Eii?oaoii ii
A?ioia?e Iie?oeoe? ( Monetary Policy Committee — MPC). Eii?oao
cae?a?oueny uii?nyoey a?aeiia?aeii aei aecia/aiiai a?ao?ea. Aei neeaaeo
Eii?oaoo aoiaeyoue 4 iino?eieo /eaie ? 4 yenia?oa, i?ecia/oaaieo
Eaioeea?ii Eacia/aenoaa ( a?i aea i?i?no? o?iain?a). Aieinoaaiiy
cae?enith?oueny ca i?eioeeiii: «iaeia ethaeeia — iaeei aiein». O cai?e
eii?oaoo iiaeooue i?eeiaoe o/anoue i?aaenoaaieee Eacia/aenoaa. Aiie ia
iathoue i?aaa aieino. ??oaiiy i?i i?ioeaioi? noaaee, i?eeiyo? eii?oaoii
i?aeeyaathoue iaaaei?e ioae?eaoe??. I?aeeyaathoue oaeiae ioae?eaoe?? ?
i?ioieiee can?aeaiue Eii?oaoo.

Caeiiiaeaanoai ia?aaeaa/a?, ui a aeno?aiaeueieo oiiaao ? i?ioyaii
iaiaaeaiiai /ano o?yae iiaea ?aaoethaaoe ??oaiiy eii?oaoo a
iaoe?iiaeueieo ?ioa?anao. Oaea ?aaoethaaiiy i?aeeyaa? iaia’yceiaiio
ianooiiiio noaaeaiith Ia?eaiaioo.

Aaethoiee eo?n.

I?ioeaioi? noaaee aieeaathoue ia aioo??oi? a?ioia? oiiae, oae? ye oiiae
e?aaeeoo, niiaeea/ee iiieo, ?iaanoeoe??, aeione i?iaeoeoe?? ? oe?ie.
Aiie oaeiae iiaeooue aieeaaoe ia aa?o?noue ooioa noa?e?ia?a o ia?aeeaae?
ia ?ioo ?iicaiio aaethoo. I?e ?ioeo ??aieo oiiaao, /ei aeua i?ioeaioi?
noaaee, oei a?eueoa ?iicaiieo cania?a caeo/a?oueny o ooio noa?e?ia?a,
oaeei /eiii, aiie aieeaathoue ia aaethoiee eo?n ooioa noa?e?ia?a
noiniaii ?iicaiieo aaetho.

Aaie Aiae?? iiaea aieeaaoe ia aaethoiee eo?n, aeei?enoiaoth/e cieioee ?
aaethoiee caiane e?a?ie. Aaie Aiae?? iiaea oi?aaeyoe caianaie a?ae ?iai?
Eacia/aenoaa. ?aca?ae i?noyoueny ia niaoe?aeueiiio ?aooieo, yeee
iaceaa?oueny Aaethoiee C??aiyeueiee ?aooiie ( Exchange Equalisation
Account). A?i aoa ooai?aiee ua a 1930-o ?ieao ?c iaoith aeyaeaiiy
ianiiae?aaieo eieeaaiue o “ciai?oi?e aa?oino?” noa?e?iaa. I?ioean,
a?aeiiee ye aaethoia ?ioa?aaioe?y, neeaaea?oueny a oiio, ui Aaie Aiae??
eoio? ooio noa?e?iaa ca ?iicaiio aaethoo, eiee iaiao?aeii no?eiaoe
iaae?iiy eo?no aai i?iaea? ?o, iaiaaath/enue oo?eiaoe ??no eo?no. Oe?
iia?aoe??, cae/aeii, ia iiaeooue oi/ii aecia/eoe eo?n ooioa noa?e?ia?a
ia ?eieo, a ?nio? iana ?ioeo niinia?a, e??i io?oe?eii? ?ioa?aaioe??.

Aoaeo/e /eaiii Iaoai?cio aaethoieo eo?n?a ( ERM — exchange rate
mechanism ) c 8 aeiaoiy 1990 ?ieo, Aaeeeia?eoai?y aoea ciaia’ycaia
i?aeo?eioaaoe eo?n nai?? aaethoe o aecia/aieo ?aieao noiniaii ?iicaiieo
aaetho. I?ney aeoiaeo c ERM 16 aa?aniy 1992 ?ieo Aaeeeia?eoai?y ia?aeoea
aei ieaaath/iai aaethoiiai eo?no.

Ei?ioei/ani? i?ioeaioi? noaaee ? aaethoia ?ioa?aaioe?y ? i?eioeeiiaeie
?ino?oiaioaie iiiaoa?ii? iie?oeee o Aaeeeia?eoai??. O ieioeiio
aeei?enoiaoaaeeny e ?io? ?ino?oiaioe. Iai?eeeaae, ia ii/aoeo 1980-o
Aaie Aiae?? i?iaeaa a?eueoa aea?aeaaiiai ai?ao, /ei aoei iaiao?aeii aeey
caaeiaieaiiy iio?aa o?yaeo, ?c iaoith ciaioeoe a?ioiao iano a ia?ao. Oey
iie?oeea aoea neaniaaia a 1985 ?ioe?. ?io? ?ino?oiaioe i?noeee a nia?
aaaaeaiiy niaoe?aeueieo” noaeue aaie?anueeiai e?aaeeooaaiiy” (
neaniaaiee o 1971 ?ioe?); aeiiae aei aaie?a o?eiaoe ?aca?ae a Aaieo
Aiae?? a?aeiia?aeii aei oiai, iane?eueee oaeaeei ?inei /enei ?oi?o
aiane?a ( neaniaaiee o 1980 ?ioe? ); aeaeaiiy ea??aieoeoaa ii
aaie?anueeiio e?aaeeooaaiith, iaoe?eaiiai ia iiiaioaiiy ianya?a aeaea/?
e?aaeeo?a ee??ioai.

Iaeiei ?c iaeaaaeeea?oeo ?ino?oiaio?a no/anii? iiiaoa?ii? iie?oeee ?
?aca?aia iie?oeea, yea caniiaaia ia ci?i? aeiia oeaio?aeueiiai aaieo
aei iaia’yceiaeo ( i?i?iaeueieo) ?aca?a?a eiia?oe?eieo aaie?a ? ?ioeo
e?aaeeoieo ?inoeooo?a. On? iniiai? cia?yaeaey a?ioiai-e?aaeeoiiai
eiio?ieth ni?yiiaai? a ia?oo /a?ao ia ?aaoethaaiiy aaee/eie caeeoe?a ia
?aca?aieo ?aooieao e?aaeeoieo onoaiia o oeaio?aeueiiio aaieo aai oiia
iiiiaiaiiy oeeo ?aooie?a.

?noi?e/ii iaia’yceia? ?aca?ae ?icaeeeny c iaiao?aeiino? aeey
eiia?oe?eieo aaie?a caaaeaee iaoe iaiiaioia? aio?aeo o aeae? oae
iaceaaieo eaniaeo ?aca?a?a aeey aacia?aa?eiiai aeeiiaiiy ieao?aeieo
ciaia’ycaiue ii iiaa?iaiith aeaiiceo?a aeeaaeieeai ? i?iaaaeaiiy
?ic?aooie?a c ?ioeie aaieaie. ?ioeie neiaaie, eania? ?aca?ae, ye?
caa??aaeeny eiia?oe?eieie aaieaie a oeaio?aeueiiio aaieo, neoaeeee
aa?aio?eiei oiiaeii aeey iiaaoaiiy aeaiiceo?a.

C noai?aiiyi aeniei?icaeiaii? aeai??aiaai? aaie?anueei? nenoaie eania?
?aca?ae eiia?oe?eieo aaie?a, ye? ?ici?uoaaeeny ieie ia ?aooiee a
oeaio?aeueiiio aaieo, ia?anoaee aooe aa?aio?eiei oiiaeii aeey iiaaoaiiy
caai?aiaaiino? ii aianeai. Iaiaeiaaaeio ?ieue ooo c?a?aei iie?ioaiiy
i?aai?caoe?? ? oaoi?ee a/eiaiiy aaie?anueeeo iia?aoe?e, a oaeiae
noai?aiiy nenoaie no?aooaaiiy aeaiiceo?a. sse a?aecia/athoue aeaye?
aeiiii?noe, no/aniei aaieai cae/aeii aeinoaoiuei iaoe a iayaiino? ia
a?eueo 2% nai?o eioo?a.

A oeae /an i?i?iaeuei? ?aca?ae iathoue iiaea?eia i?ecia/aiiy:

aiie iiaeii? caaacia/oaaoe iino?eiee ??aaiue e?ea?aeiino? eiia?oe?eieo
aaie?a ;

aiie ? ?ino?oiaioii oeaio?aeueiiai aaieo aeey ?aaoethaaiiy a?ioiai?
iane, ieaoaaea- ? e?aaeeoini?iiiaeiino? eiia?oe?eieo aaie?a.

?aaoethaaiiy oeaio?aeueiei aaieii ii?i oeacaieo ?aca?a?a aieeaa?
aaciina?aaeiuei ia aaee/eio iai?ioieo oiiae?a eiia?oe?eieo aaie?a, a,
ioaea, ia ?oi?e e?aaeeoii-o?iainiaee iioaioe?ae. I?e ca?eueoaii? ii?ie
iaia’yceiaeo ?aca?a?a ciaioo?oueny ?ici?? iai?ioieo oiiae?a aaie?a, ?
iaaiaee.

Cieaeaiiy aoaeoeaiino? ?ie? i?i?iaeueieo ?aca?a?a ye ?ino?oiaioa
a?ioiai-e?aaeeoii? iie?oeee iaoiiaeaii acyoei o 80-o? ?iee eo?nii ia
o?iainiao e?aa?ae?caoe?th. Aea ona ae i?eeii ? caa??aaiiy iioi/ieo ?
no?ieiaeo aeeaae?a e?aaeeoieo ?inoeooo?a i?iaeiaaeo? caeeoaoeny iaei??th
c iaeaaaeeea?oeo ooieoe?e no/aniiai oeaio?aeueiiai aaieo, iacaaaeath/e
ia oa, ui oe? aeaiiceoe caeiathoue iaaaeeeo ieoiio aaao a aaeain?
oeaio?aeueieo aaie?a. Aac oeueiai oeaio?aeuei? aaiee ia ciiaeooue
aeeiioaaoe nai? ?io? ooieoe??, oiaoi aooe “aaieii aaie?a”, “aaie??aie ?
eane?aie o?yaeo”, i?iaiaeeoe io?oe?eio a?ioiai-e?aaeeoio ? aaethoio
iie?oeeo, iinoa/aoe a aeiiii?eo iaiao?aeio e?euee?noue a?ioae o
aacaio?aeia?e ? iayaii-a?ioia?e oi?i?, oi?aaeyoe aioo??oi?i ? ciai?oi?i
aea?aeaaiei ai?aii, cae?enithaaoe iaaeyae ca aaieaie ? o?iainiaeie
?eieaie.

Iaeaaaeeea?oith ooieoe??th Aaieo Aiae?? ? ea?oaaiiy aea?aeaaiei ai?aii
e?a?ie. Aiae?enueeee o?yae aeo?a/a?, ye i?aaeei, a?eueoa, i?ae a?i
iaea?aeo? o aeae? iiaeaoe?a.

Uiaeaii? iioiee eioo?a i?ae o?yaeii ? ?eieii a?aeaeaathoueny ?ooii
eioo?a ia ?aooieo Iaoe?iiaeueiiai E?aaeeoiiai Oiiaeo ( National Loans
Fund — NLF) o Aaieo Aiae??. O aeiaaeeo ei?ioeino?ieiaiai aeao?oeeoo NLF
iiaea iie?eoe eiai, ocyaoe eiooe a Aaieo Aiae??, a eeoi? caniae
iii?uathoueny a Aaieo.

Oaea i?yia o?iainoaaiiy ? o?eueee ei?ioeino?ieiaei ? i?eioeeiiaa ?ieue
Aaieo Aiae??, yeee ae?? a?ae ?iai? Eacia/aenoaa, caeo/eoe caniae. Aaie
eiio?ieth? iiaee ai?a o?yaeo e ?nioth/ee ianya ai?ao. O?ueiia iniiaieie
oi?iaie o?yaeiaeo iicee ? eacia/aenuee? aaenaey, o?yaeia? oiiaeia?
iaia?e ( a?aeii? ye aenieiiaae?ei? oe?ii? iaia?e) ? iiceee ia aaethoiiio
?eieo.

O?iainoaaiiy aea?aeaaiiai ai?ao cae?enith?oueny Aaieii Aiae??
a?aeiia?aeii aei cayaee O?yaeo, iiaeaii? a Athaeaeaoiiio Iineaii?.
Aeao?oeeo athaeaeaoo ia o?iainiaee ??e iie?eaa?oueny c o?ueio aeaea?ae,
ui ia?a?aoiaai? a oaaeeoe? ieae/a:

The 1997-98 Financing Requirement March 1997 a bILLION

CGBR Forecast — I?iaiic iio?aae o o?iainoaaii? 20.0.0

Expected nET cHANGE iN tHE Official Reserves — i/?eoaaia ci?ia
io?oe?eieo ?aca?a?a 0.0.0

Gilt Redemptions — Aeieaoe ii iae?aaoe?yi 19.6.6

Gilt sALES rESIDUAL fROM 1996-97 — iacae?eniai? i?iaeaae? ieioeiai ?ie?a

Financing Requirement — iio?aaa o o?iainoaaii? 39.5.5

Less nET fINANCING fROM — i?ion o?iainoaaiiy c:

National Savings — aea?aeaai? iuaaei? iae?aaoe?? ( iaooi) 3.0.0

Certificates oF Tax Deposit ? — Iiaeaoeia? na?oeo?eaoe 0.0.0

Remaining dEBT sALES rEQUIRED — ?acii aei o?iainoaaiiy 36.5.5

Made uP bY nET sALES oF — neeaae o?iainoaaiiy ( iaooi):

Treasury Bills aND oTHER sHORT tERM dEBT ? — eacia/aenuee? aaenaey e ?i.
ei?ioeino?ieia? ?ino?oiaioe 0.0.0

aND gROSS sALES oF — ? a?oooi:

Ultra-short Conventionals (1-3 yEARS) — caa?o-ei?ioeino?ieia? iae?aaoe??
(1-3 ?ieo) 0.0.0

Short Conventionals (3-7 yEARS) — ei?ioeino?ieia? iae?aaoe?? (3-7 ?ie?a)
10.2.2

Medium Conventionals (7-15 yEARS) — na?aaeiueino?ieia? iae?aaoe?? (7-15
?ie?a) 8.8.8

Long Conventionals (15+ yEARS) — aeiaaino?ieia? iae?aaoe?? ( a?ae 15
?ie?a) 10.2.2

Index-linked Gilts — iae?aaoe??, ui ?iaeaenothoueny 7.3.3

Aeaea?aei: Aeiiaa O?yaeo ia 97-98 o?iainiaee ??e. Oeeo?e iiaeooue ia
aeaaaoe a noi? 100% o aeae? ie?oaeaiey.

Iiyniaiiy:

CGBR — Central Government Borrowing Requirement — caieo o?yaeo ia
aeiaeaoeiaa o?iainoaaiiy — o?eno?oueny a Athaeaeaoiiio iineaii?

Expected nET cHANGE iN tHE Official Reserves — i/?eoaaia ci?ia
io?oe?eieo ?aca?a?a — ia i?iaiico?oueny, o ae?yeueiino? Aaieo
aeei?enoiao?oueny ?aaeueia cia/aiiy

Treasury Bills aND oTHER sHORT tERM dEBT ? — eacia/aenuee? aaenaey e ?i.
ei?ioeino?ieia? ?ino?oiaioe — aeei?enoiaothoueny aeey ?aaoethaaiiy
?eie?a, a ia aeey o?iainoaaiiy caai?aiaaiino?.

Gilts — Iae?aaoe?? — i?iaeathoueny ??aiii??ii i?ioyaii ?ieo. Naciii?
aa??aoe?? o o?iainoaaii? iie?eaathoueny ei?ioeino?ieiaeie ?ino?oiaioaie.

Aaie Aiae?? — ?aeeiee ai?n?eiee ?inoeooo a Aiae?? e Oaeuen?. ( Iiiaoe
aeioneathoueny Ei?ie?anueeei iiiaoiei iiaea??’yi ( Royal Mint) a?ae
?iai? Eacia/aenoaa ? ?oi?e aeione ia ciaoiaeeoueny a eiiiaoaioe?? Aaieo
Aiae??). Oaanue i?eaooie a?ae aeioneo aaieiio iaaeoiaeeoue o?yaeo.

Aaie Aiae?? aeionea? nai? aaieiioe aaea i?ioyaii 300 ?ie?a. Ai?n?y
aeiaaa? aaeeeeo aeo?ao i?aoe? ? /eiaeeo cania?a. Aeecaei aaieiio ? ?oi?
ae?iaieoeoai ? caaea/ath Aaie?anueei? ae?oea?nueei? oaa?eee a Ynnaena.
Aaie ia o?eueee ae?oeo? a?io?, a?i iinoa/a? ?o /a?ac nai? a?aeae?eaiiy (
eio?eo 5 — o A??noie?, Ae?ieiaaia, Eeaena, Iai/anoa?? ? Iuetheanea)
eiia?oe?ei? aaiee ii on?e e?a?i?, aeeo/a? c ia?ao noa?? eoith?e.
Na?aaei?e oa?i?i iaa?oaiiy eoith?e aa?o?noth 5 o. no. — 1 ??e, a
aa?o?noth 50 o. no. — 3-4 ?ieo.

sseui ?ai?oa aaieiioe iiaee aooe iai?iai? ia cieioi, oi c 1844 ?ieo
ai?n?y iineoue oeaeooe?a?iee oa?aeoa?, oiaoi o?yae iiaea aeioneaoe a
iaa?oaiiy aoaeue-yeo e?euee?noue a?ioae, iii?noeaoe a naeoe Aaieo
ai?aia? ?icienee. Ia i?aeoeoe? ?ici??e ai?n?? aeeeoothoueny ia
iiceeiaeie iio?aaaie o?yaeo, a iio?aaaie naiiai a?ioiaiai ia?ao,
caeaoi?noth Aaieo Aiae?? caaeiaieueieoe iiieo ia a?ioia? ciaee c aieo
eiia?oe?eieo aaie?a. Oiio eeoa ii??aiyii iaaaeeea /anoeia
iaoe?iiaeueiiai ai?ao in?aea? a Ai?n?eiiio Aeaia?oaiaio?.

Aaie Aiae?? ii/aa cae?enithaaoe aeione aaieiio i?aeoe/ii c iiiaioo eiai
canioaaiiy a 1694 ?ioe?. I?eioeeiiaeie iciaeaie aaieiio Aaieo ?:

Ia?oeyiea caieaoeoe/ pROMISE tO pAY — ciaia’ycaiiy Aaieo Aiae??
aeieaoeoe iii?iaeueio aa?o?noue on?o aaieiio, aeiouaieo Aaieii Aiae??,
iacaeaaeii a?ae oa?i?ia aeioneo, ca oiiae, yeui caeeoee aaieiio iathoue
iciaee aaoaioe/iino? ? iiaeia noaa?aeaeoaaoe, ui ii aeaii? aaieiio? ua
ia iiaeaaaany caieo ia iiaaoaiiy. O n?aaeiueiio Aaie Aiae?? iaea?aeo?
23000 caieoe ia i?eeii oaeee aaieiio.

Legal Tender/ eaaaeueiee ieao?aeiee can?a — iaaooue iaeaaaeeea?oa
oa?aeoa?enoeea aaieiio. Anoia?a/ ocaaaeueiai?e aeoioe?, aiia ia icia/a?,
ui aaieiioe iiaeii? i?eeiaoeny ye ieao?aeiee can?a i?e a/eiaii?
o?iainiaeo o?aicaeoeee, a cia/eoue o?eueee, ui e?aaeeoi? ia ia? i?aaa
a?aeiiaeoeny a?ae i?eeiio oeeo aaeeiio o iiaaoaiiy ai?ao. Oe?eaai, ui
noaoon eaaaeueiiai ieao?aeiiai caniao aaieiioe Aaieo Aiae?? iathoue
o?eueee a Aiae?? e Oaeuen?. O oieaea /an, o Oioeaiae?? ? I?ai?/ii?
??eaiae?? noaoonii eaaaeueiiai ieao?aeiiai caniao aieiae?thoue o?eueee
iiiaoe ( Eacia/aenoaa Aaeeeia?eoai??).

Oaaeeoey 4: Ianya aaieiio a iaa?oaii? o Aaeeeia?eoai??

I?eueeii?a

E?iaoeue ethoiai

1992 1993 1994 1995

1992io noa?e?ia?a 59 58 57 57

5 ooio?a noa?e?ia?a 1,166 1,163 1,135 1,072

10 ooio?a noa?e?ia?a 5,743 5,348 5,245 5,348

20 ooio?a noa?e?ia?a 5,288 6,101 6,818 7,723

50 ooio?a noa?e?ia?a 2,515 2,732 2,824 2,852

?io? aaieiioe 1,350 1,563 1,024 1,004

Onueiai 16,121 16,965 17,163 18,056

( a)- aaieiioe a?aei?noth 1 o. no. ia aeioneathoueny c 1984 ?ieo

( a)- aeeeth/athoueny eoith?e aaeeei? aa?oino?, ye? aeei?enoiaothoueny
ana?aaeei? Aaieo Aiae??

Oaaeeoey 5: E?euee?noue iiaeo eoith?,ye? aeioneathoueny ui?ieo.

I?eueeii?a

E?iaoeue ethoiai

1992 1993 1994 1995

5 ooio?a noa?e?ia?a 355 318 325 308

10 ooio?a noa?e?ia?a 638 752 622 624

20 ooio?a noa?e?ia?a 489 329 339 342

50 ooio?a noa?e?ia?a 21 23 22 39

Onueiai 1,503 1,422 1,308 1,313

Iaaeyae ca e?aaeeoii-o?iainiaeie onoaiiaeie a ??cieo e?a?iao
a?ae??ciy?oueny ye niieo/aiiyi oi?i i?aai?caoe?? iaaeci?iie
ae?yeueiino?, oae ? naiith no?oeoo?ith nenoaie. Aei e?a?i, o yeeo
iaaeci?iay ae?yeuei?noue ? i?a?iaaoeaith aeiyoeiai oeaio?aeueiiai
aaieo, iaeaaeeoue Aaeeeia?eoai?y.

Aaie Aiae?? ?aae?co? ooieoe?? iaaeyaeo oeyoii:

?aaoethaaiiy aeoiaeo i?aai?caoe?? ia ?eiie aaie?anueeeo iineoa.
Noai?aiiy aaieo ?aaoeth?oueny aaie?anueeei caeiiiaeaanoaii. Iai?eeeaae,
i?i?iaeueiee ?ici?? ii/aoeiaiai eai?oaeo iiaeiiee neeaaeaoe ia iaioa
5 i?eueeiie ooio?a noa?e?ia?a aeey aaie?a ? ia iaioa 1 i?eueeiia ooio?a
noa?e?ia?a aeey ?ioeo e?aaeeoieo ?inoeooo?a;

onoaiiaeaiiy aeey aaie?a aeiiii?/ieo ii?iaoea?a ? ii?i ae?yeueiino? ?
cae?eniaiiy aeieoiaioa?iiai iaaeyaeo ca ?oi?i aeio?eiaiiyi;

i?iaaaeaiiy ?iniaeoe?eieo ia?aa??ie ia i?noeyo ( a Aiae?? oeae iaia’ycie
iieeaaea?oueny ia ciai?oi?o aoaeeoi??a);

aenoaaiiy aeiia aei e?aaeeoieo onoaiia ii onoiaiith aeyaeaieo oea ?
eiio?ieth ca ?oi?i aeeiiaiiyi aaieaie a no?iai aecia/ai? oa?i?ie;

ao?o/aiiy a ?ac? iio?aae a ae?yeuei?noue e?aaeeoieo i?aai?caoe?e.

Aaeineiiaethaaiiy aaie?anueeiai iaaeyaeo.

Aaie?oonoaa aaieo Ay?eian ? Aaie io e?aaeeo yiae eiiia?n eioa?iaoie
aeyaeee neaaea i?noea a nenoai? aaie?anueeiai iaaeyaeo, ca ui Aaie
Aiae?? aoa i?aeaeaiee aino??e e?eoeoe? c aieo eaeai?eno?a, ye?
cai?iiiioaaee eeoeoe Aaie ooieoe?e iaaeyaeo ? ia?aaeaoe ?oiueiio
aaie?anueeiio eii?oaoo, aea A?eoainueea aaie?anueea anioe?aoe?y
aenooieea i?ioe i?eeiyooy oaei? i??e, ine?eueee caaea/a ii
caaacia/aiith noaa?eueiino? o?iainiai? nenoaie ? ii cae?eniaiith
aaie?anueeiai iaaeyaeo o?nii iia’ycai?. Eaiiai?th, yea i?ioiaeeea a
e?a?i? ii aeyaeaiith ?ie? Aaieo Aiae?? a ni?aa? c aaieii Barings
iacaaee » iiethaaiiyi ca a?aeueiaie». A?aeiia?aeii aei ?aeiiaiaeaoe?e
eiinaeoeiaiai? o??ie » A?oo? Aiaea?nai » Aaie Aiae?? ieaio?
?ai?aai?coaaoe iaaeyaeiaee aeaia?oaiaio, a oaeiae aeoeaii
ai?iaaaeaeoaaoe no/ani? oaoiieia??. O oie aea /an i?aaenoaaieee Aaieo ?
» A?oo? Aiaea?nai» i?aee?aneththoue, ui iaia iaiao?aeiino? ?aaeeeaeueii?
ci?ie o?einio?? aaie?anueeiai iaaeyaeo o Aaeeeia?eoai??. Iaaeyaeia?
i?aaie a?aeoaia? aoaeooue nenoaiaoe/ii a?aoiaoaaoe ?eceee, ?c yeeie
cooiaoothoueny aaiee. » A?oo? Aiaea?nai» ?ic?iaeea eiii’thoa?io »
iiaeaeue ioe?iee ?eceeo e ?ino?oiaio?a iaaeyaeo», yeo Aaie Aiae?? ieaio?
canoiniaoaaoe iaaeae?. Iaeii/anii Aaie ieaio? cae?enithaaoe iino?eiee
aioo??oi?e eiio?ieue iaae ye?noth aeeiiaiiy iaaeyaeiaeo ooieoe?e.

O??ia » A?oo? Aiaea?nai» iioae?eoaaea aeiiia?aeue ?c ?aeiiaiaeaoe?yie
Aaieo Aiae?? ii oaeineiiaeaiith ?aaoethaaiiy ae?yeueiino? aaie?a ?
o?iainiaeo eiiiai?e. Aaie iiaiaeeany c aeniiaeaie aeiiia?ae?, iacaaaoe
?o » aaeeeith i?ia?aiith ci?i». O ?iaio? Aaieo Aiae?? a oe?e iaeano? ?
na?ueici? iaaeie?ee:

o iaaeyaeiaeo i?aai?a ia aenoa/a? ?ano?n?a aeey niinoa?aaeaiiy ca
?icaaeoaeaiith ia?aaeath cia/ieo aaie?a

a?eueo?noue no/anieo o?iainiaeo eiiaeiia?ao?a i?noyoue o nia? ? aaiee,
ye? i?eeiathoue aeaiiceoe, ? o??ie ii iia?aoe?yi ?c oe?iieie iaia?aie,
noeeuei? ?eceeai i?e ?oiueiio a/eiaii?

?aaoethth/? i?aaie ia caaaeaee /?oei oyaeythoue nia?, yeei ?eceeai
iiaeaa?aathony aaiee

aeiiaaeaaia ?aaoethth/? i?aaie o nai?e ?iaio? a iniiaiiio iieeaaeaeeny
ia i?aenoiiaoaaiiy iieaciee?a. Aea aeyaeaiiy neaaeeo i?noeue o
ea?oaaii? ? aioo??oiueiio eiio?ie? i?aaenoaaey?oueny a?eueo
aaaeeeaith caaea/ath.

Ci?ie, i?i ye? iaieinea Aaie Aiae?? i?eioneathoue, ui a iaeaooiueiio
a?i aoaea a?eueoa iaeiaoe ?iniaeoi??a ? aenia?o?a a iaeano? iio?aeieo
o?iainiaeo ?ino?oiaio?a. ?ic?iaeythoueny oaeiae iia? iaoiaee
iii?oi?eiao aaie?a. O ?acoeueoao? oeeo ?aoi?i ui??/i? aeo?aoe Aaieo ia
aaie?anueeee iaaeyae (35 ooio?a noa?e?ia?a o 1997 ?.) iiaeooue c?inoe
ia 7-8 i?eueeii?a.

Noaoenoe/ia ?ioi?iaoe?y

Niaoe?aeueiee i?ae?icae?e Aaieo Aiae?? — A?aeae?e o?iainiai? ? a?ioiai?
noaoenoeee ( Monetary aND Financial Statistics Division) ? iaeiei ?c
naieo i?ioan?eieo ? ye?nieo aeaea?ae ?ioi?iaoe?? i?i noai
aaeeeia?eoainueeeo o?iainiaeo ?eie?a. Ieae/a i?eaaaeaiee i?eaeeciee
nienie aeaieo, aeinooiieo o Aaieo:

Uioeaeiy:

M0: Weekly Levels — Ianya I0 ca inoaii? 2 i?nyoe? c ?icaeaeith ii
oeaeiyi

Uii?nyoey:

Provisional eSTIMATES oF nARROW mONEY — ci?ie I0 ? aio?aee ia i?nyoeue,3
? ??e

Capital Issues — Ci?ia aa?oino? eiiiai?e.

Provisional eSTIMATES oF M4 aND lENDING — ci?ie I4 ? ianyao
e?aaeeooaaiiy

Lending tO iNDIVIDUALS — ianya e?aaeeooaaiiy i?eaaoieo in?a

Bank oF England: Monetary & Financial Statistics — aeieeaaeiee ca?o,
yeee aeeth/a? a naaa iaeyae a?ioiaeo ?eie?a, a?ioiaeo aa?aaao?a ?
e?aaeeoiiai ?eieo.

Uieaa?oaeo

Analysis oF nET bANK lENDING tO UK rESIDENTS — Aiae?c /enoiai
e?aaeeooaaiiy aiae?enueeeo iice/aeueiee?a

Sectoral M4 aND lENDING — ci?ie a I4 ? e?aaeeooaaii? ii naeoi?ai

External bUSINESS oF bANKS oPERATING iN tHE UK — iia?aoe??
iaaiae?enueeeo aaie?a ia aiae?enueeiio ?eieo.

I?a??/i? ca?oe:

Consolidated wORLDWIDE eXTERNAL cLAIMS oF UK-owned bANKS — Ca?oa?aei?
iia?aoe?? aiae?enueeeo aaie?a

Ui??/i?:

Bank oF England: Statistical Abstract — i?noeoue aeieeaaeio ?ioi?iaoe?th
i?i aaiee, ?eiee eai?oaeo, aea?aeaaii? caai?aiaaiino?, i?ioeaioieo
noaaeao, iai?iieo eo?nao. Ie?aia /anoeia ca?oo i?enay/aia aeieeaaeiiio
aiae?co a?ioiaiai ?eieo.

Ioaea, Aaie Aiae??, ye ? aoaeue-ye?e oeaio?aeueiee aaie, a?ae?a?a?
cia/io ?ieue a aeiiii?oe? e?a?ie. Ca?ac ia?aie?oathoueny ?eieia? oa
aea?aeaai? iaoiaee ?aaoethaaiiy aeiiii?ee. Ana a?eueoa oaaaa
i?eae?ey?oueny eiio?ieth ca ooieoe?iioaaiiyi aaie?anueei? nenoaie ?
o?iainiaiai ?eieo.

Nienie aeei?enoaii? e?oa?aoo?e:

Murray N. Rothbard. The Mystery of Banking. — Richardson & Snyder. —
1983, p. 179-190

Aaiee e aaieianeay aeayoaeueiinoue: Aiaeey // Aaieianeea oneoae. – 1997-
?1. — n.26

» Aaieianeee ii?ooaeue-1″, I, » NIAEIOAE», 1994 ?..

Aeeiia A. Aaie Aiaeee oi/ao oneeeoue aaieianeee iaaeci?// Oeiainiaay
Oe?aeia.-1996.-?32.-13 aaaonoa.-n.20

A?aeieo E. Aeaiaaeii-e?aaeeoiay iieeoeea Aaeeeia?eoaiee//Aeaiueae e
e?aaeeo.-1994.-?11-12.-n.37-54

«Aeaiaaeiia ia?auaiea e e?aaeeo eaieoaeenoe/aneeo no?ai», iiae ?aae.
E.I. E?anaaeiie, I, «Oeiainu e noaoenoeea»,1983 a.

Ae?iaiceia E. A., Iiaeaeneia I. A. Oeiainiaay e aeaiaaeii-e?aaeeoiay
nenoaia Aiaeee. — I.: Oeiainu, 1976. — n. 126

Aaaeaia oo?eiaiiy A?eey i?i Aaie Aiae??. Ca noaiii ia 4 Ia?oa 1998 (
i?ney noaaeaiiy Iaeaoith Ei?ae?a)

E?oiiia TH. N. ?aca?aiay iieeoeea oeaio?aeueiuo aaieia ca ?oaaaeii //
Aaieianeia aeaei – 1997 — ?3. — n. 28; ?4. — n. 34

Neeaaa A. I. Yaiethoeey oeaio?aeueiuo aaieia: ooieoeee, i?aaiecaoeey,
oaoiieiaey. // Aaieianeia aeaei – 1995. — ?8. — n. 24

Oiii?ei I. A. I?aaiecaoeeiiii-i?aaiaua iniiau aaieianeie nenoaiu
Aaeeeia?eoaiee// Aeaiueae e e?aaeeo.-1992.-?11.-n.46-52

Oaaei?aiei A. I. Oaaei?aiei A. A.Aeaiaaeiia ia?auaiea e e?aaeeo
eaieoaeenoe/aneeo no?ai:O/aaiee.- 2-a ecae., ia?a?aa. e aeii.-E.:auua
oe. ,1989.-288 n.

Murray N. Rothbard. The Mystery of Banking. – “Richardson & Snyder”,
1983 – p. 180

Murray N. Rothbard. The Mystery of Banking. – “Richardson & Snyder”,
1983 – p. 185

Ae?iaiceia E. A., Iiaeaeneia I. A. Oeiainiaay e aeaiaaeii-e?aaeeoiay
nenoaia Aiaeee. I.: Oeiainu, 1976 – n. 126

Neeaaa A. I. Yaiethoeey oeaio?aeueiuo aaieia: ooieoeee, i?aaiecaoeey,
oaoiieiaey. // Aaieianeia aeaei. – 1995 — ?8. – n. 24

Ae?iaiceia E. A., Iiaeaeneia I. A. Oeiainiaay e aeaiaaeii-e?aaeeoiay
nenoaia Aiaeee. I.: Oeiainu, 1976 – n. 128

http://www.bankofengland.co.uk/boe.htm

http://www.bankofengland.co.uk/custom.htm

http://www.bankfacts.org.uk/wib/boe.htm

http://www.bankofengland.co.uk/value.htm

Aei ioeoeeaeueiiai ooaa?aeaeaiey Aeeey i Aaiea Aiaeee (Bank Of England
Bill) Aaie iaeaaeaao yoei i?aaii de facto. A ianoiyuaa a?aiy aeeeue
i?ioae iaeia?aiea a Iaeaoa Ei?aeia (4 ia?oa 1998) e aeieaeai auoue
iaeia?ai Iaeaoie Iauei.

E?oiiia TH. N. ?aca?aiay iieeoeea oeaio?aeueiuo aaieia ca ?oaaaeii. //
Aaieianeia aeaei. – 1997. — ?3. – n. 28

http://www.bankofengland.co.uk/borrow.htm

http://www.bankofengland.co.uk/note.htm

http://www.bankfacs.org.uk/fsbndist.htm

Aaiee e aaieianeay aeayoaeueiinoue: Aiaeey. // Aaieianeea oneoae. –
1997. — ?1. – n. 28

Похожие записи